In Real Estate it truly hurts. It hurts everyone. Two major facts in our business will forever remain the same. People in general want a roof over their heads to call home and it's easier to love it and call it "home" if you hold the deed. Rentals are beginning to skyrocket and why?
This is a true to life analogy that tells the story...
Currently on our books is a pending sale for the amount of $605,000. Not bad, huh? The client is financially superb. The appraisal on the home came in at a much higher number so there is plenty of justification for the cost. The client is placing enough money down so that he is only financing $175,000...that's a lot of money down wouldn't you say? Our client has multiple accounts with Chase Bank to the tune of over $1,000.000.00.
Now, this is a "no brainer".
Chase Bank has returned to the client for a forth time now asking for verification of minor details, paperwork, proof of funds (held by Chase itself) and hoops of all kinds are having to be jumped! Chase sits on it and won't even turn it into underwriting till it's spot on. Come on! The client is so frustrated that he is seeking an in-house loan from a small bank that would hold the note themselves instead of selling the note to Fanny and Freddie.
AWWWW....there's the glitch. Chase wants to sell the note to Fanny and Freddie so all governmental policies and i's and t's must be dotted and crossed. Now that our lives are being run by the government the pendulum has swung in the wrong direction.
Who cares if the note doesn't sell?
The government will take care of it...right?
Check out my website at: www.debs-realestate.com.